Boston, MA 06/19/2014 (wallstreetpr) – Enerplus Corporation (NYSE:ERF) in a News Release, announced that due to their efficient performance in operations and availability of continuous technical appraisal, the future of Three Forks core area and Fort Berthold Bakken looks attractive and improved. This includes the analysis of well data in detail for the given area.
The highlights of these assessments are as follows:
- Rise in in Contingent Resource
As per the audit conducted by McDaniel & Associates Consultants Ltd., the internal valuation of Contingent Resources has risen by 250%. It was 39 MMBOE as on 31st December 2013 and now 136 MMBOE as on 1st June 2014. This is due to mainly 50% rise in company’s estimate about original oil including the inputs from the formation of Bakken, formation of the first bench and the second bench of three Forks respectively across the company’s entire acreage.
- Rise in Drilling Inventory
The final assessment in Contingent Resource has increased the valuation projection of all future drills by more than 125%. Enerplus Corporation (NYSE:ERF)estimates that theie current 145 drilling locations will increase to net 330 drilling locations in future. This consists of 60% long parallel wells. So the average well density can be 7 wells/ drilling space unit. Additionally, Enerplus see further potential in high recovery rates, down spacing and progressive transformation of completion of wells.
- Remodelled Economics
Enerplus Corporation has made changes in its completion patterns for the last twelve months. This has improved company’s capital efficiency by 50%. The increased numbers in well productivity has improved the internal rate of return and the net present value of the company to quite a decent level.
Enerplus Corporation (NYSE:ERF) in-depth analysis in a presentation is available on their website. Enerplus Corporation also held a webcast for further details yesterday. E-copies of the presentation are available on company’s website.
Enerplus Corporation is one of the high quality energy producers in North America having oil & gas assets.
